UPDATE: J.P. Morgan Raises PT on Mercadolibre on Positive Cost Trends
In a report published Monday, J.P. Morgan reiterated its Overweight rating on Mercadolibre (NASDAQ: MELI), and raised its price target from $93.00 to $101.00.
J.P. Morgan noted, “We maintain MELI as an Overweight, increasing our price target to $101 for Dec-13, from $93 previously. We like MELI, as: (1) we expect LatAm internet growth to remain solid; (2) we see large growth potential in online purchases in LatAm; (3) we expect MELI to keep strong bottom-line growth (22% EPS CAGR'13E-15E) and cash generation; (4) company maintains a long-term focus, keeping prices low and investing in improvements to develop the market and protect against potential entrants.”
Mercadolibre closed on Friday at $85.59.
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